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SPH completes acquisition of ShareInvestor.com - Nov 17, 2008 (ST)

BackNov 17, 2008

The Straits Times / The Business Times News On SPH

SPH completes acquisition of Shareinvestor.com

ShareInvestor is a profitable Internet financial services and technology company.


Nov 17, 2008

 

Media release

Singapore Press Holdings Limited (SPH) is pleased to announce that it has, through its wholly-owned subsidiary, SPH Interactive Pte Ltd, completed the acquisition of the entire issued share capital of Shareinvestor.com Holdings Pte Ltd today. The completion follows SPH's earlier announcements of 9 September 2008 and 11 September 2008.

As stated in our previous announcements, a consideration of S$12 million is payable upon completion, and two further amounts of up to S$3 million each is payable in 2009 and 2010 depending on whether financial targets are achieved.

SPH will retain the entire management and staff of ShareInvestor, which will continue to operate as an independent entity. The founder of ShareInvestor, Dr Michael Leong, will be a consultant and director, while Mr Christopher Lee will continue as Chief Executive Officer and director. Mr Lim Dau Hee will continue as IT Director.

ShareInvestor is a profitable Internet financial services and technology company with an established base of subscribers and users of its market data tools and financial applications. The acquisition will enable SPH to provide online financial services as part of its growing portfolio of Internet services, with substantial synergies to be derived with various SPH online entities, in particular The Business Times and its website, businesstimes.com.

As a technology company, ShareInvestor assists public-listed companies and financial institutions with their corporate website designs and technology services. It also has one of the largest investor relations network in Asia. Together with the investor relations offerings on AsiaOne and zaobao.com, SPH intends to strengthen and broaden these services to listed companies.

Mr Alan Chan, SPH's CEO, said: "ShareInvestor has made great strides since it was founded in 1999 and has done well to achieve profitability. It has done this through its long-established financial portal in Singapore, its large investor relations network in Southeast Asia, and its strong IT competence in financial market information. We believe there is good synergy between ShareInvestor and SPH's diverse range of businesses. This acquisition will also add online financial services to SPH's stable of new media offerings."

Added Mr Patrick Daniel, Editor-in-Chief of SPH's English and Malay Newspapers Division: "Extracting synergies with all our business news operations will be our top priority. We believe this is an excellent way to serve our readers and corporate clients and provide them value-added services and tools in these troubled times."

Said ShareInvestor's founder Dr Leong: "It has always been our ambition to merge with a larger and stronger media company so that we can take ShareInvestor to the next level. ShareInvestor will enhance our investor relations services as well as introduce more sophisticated features to our market data and charting tools."

ShareInvestor's CEO Mr Lee said: "By combining the media content of SPH with our technologies and portals, we believe that ShareInvestor will become an even more powerful financial Internet media company."

SPH and ShareInvestor also plan to enhance investor education through an expanded portfolio of events and publications. ShareInvestor organises the Invest Fair and Investor Expo, which are large-scale events in Singapore and Malaysia respectively. The company also publishes ShareInvestor Guide and INVEST magazine.